In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Extract Advisors LLC reported 20 stock positions worth $144.3 million . Its top holding was Royal Gold (RGLD) at 21.2% of the portfolio, followed by Elemental Royalty (ELE, 14.3% ) and Iamgold (IAG, 11.2% ). Compared with Q4 2025, it opened 7 new positions, sold out of 6, added to 2 and reduced 10. The biggest buy was a new position in SSR Mining (SSRM) and the biggest sale an exit from Eldorado Gold (EGO).
Location CALABASAS, CA
CIK 0001703148
Portfolio Value $144.3M (Q1 2026) Holdings 20 stocks · $144.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 RGLD Royal Gold Inc. 120,332 $30.6M Reduce -18.0% ELE Elemental Royalty Corp. 1,097,208 $20.7M Reduce -35.8% IAG Iamgold Corp. 856,612 $16.1M Reduce -30.5% SSRM SSR Mining Inc. 442,540 $13.0M New CGAU Centerra Gold Inc. 545,600 $9.7M Reduce -9.9% WPM Wheaton Precious Metals Corp. 60,090 $7.9M Reduce -16.1% HCC Warrior Met Coal Inc. 72,944 $6.8M Reduce -26.3% PPTA Perpetua Resources Corp. 229,000 $6.4M No change OR Or Royalties Inc. 155,316 $5.9M Reduce -20.6% AEM Agnico Eagle Mines Ltd. 27,810 $5.6M Reduce -8.6% NXE Nexgen Energy Ltd. 452,138 $5.2M Reduce -49.9% GROY Gold Royalty Corp. 1,348,303 $4.8M New NIKL Sprott Nickel Miners ETF 175,000 $2.8M New NEXM Nexmetals Mining Corp. 815,206 $2.0M Add +9.1% DNN Denison Mines Corp. 500,000 $1.8M Reduce -71.0% AU Anglogold Ashanti PLC 15,000 $1.5M New NEM Newmont Corp. 9,100 $985K New AEC Anfield Energy Inc. 176,272 $984K Add +88.2% CDE Coeur Mining Inc. 50,000 $939K New LZM Lifezone Metals Ltd. 136,754 $459K New
Options reported separately and not counted above: CDE calls ($26.7M), SPY puts ($26.0M), BTG calls ($21.3M), USAR puts ($16.6M), SLV puts ($13.6M), HL calls ($9.3M), SSRM calls ($7.3M), HYMC puts ($7.0M), VZLA calls ($6.2M), IAG calls ($4.7M), ALM puts ($3.6M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $385K (not counted above) Security Class Shares / Principal Value Change LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 939,578 $385K New
Total filed on the 13F, all lines: $144.6M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ EGO Eldorado Gold Corp. Sold out 0.00% −7.90 B Barrick Mining Corp. Sold out 0.00% −6.54 VZLA Vizsla Silver Corp. Sold out 0.00% −2.32 SLSR Solaris Resources Inc. Sold out 0.00% −2.28 MTA Metalla Royalty & Streaming Sold out 0.00% −1.94 VOXR Vox Royalty Corp. Sold out 0.00% −1.69 ELE Elemental Royalty Corp. Reduce -35.8% 14.33% −1.46 DNN Denison Mines Corp. Reduce -71.0% 1.22% −1.28 NXE Nexgen Energy Ltd. Reduce -49.9% 3.64% −0.90 HCC Warrior Met Coal Inc. Reduce -26.3% 4.71% −0.06 IAG Iamgold Corp. Reduce -30.5% 11.18% +0.08 OR Or Royalties Inc. Reduce -20.6% 4.09% +0.31 WPM Wheaton Precious Metals Corp. Reduce -16.1% 5.46% +0.86 AEM Agnico Eagle Mines Ltd. Reduce -8.6% 3.91% +1.10 CGAU Centerra Gold Inc. Reduce -9.9% 6.73% +1.97 RGLD Royal Gold Inc. Reduce -18.0% 21.23% +3.42
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ SSRM SSR Mining Inc. New 9.02% +9.02 GROY Gold Royalty Corp. New 3.35% +3.35 NIKL Sprott Nickel Miners ETF New 1.94% +1.94 AU Anglogold Ashanti PLC New 1.01% +1.01 NEM Newmont Corp. New 0.68% +0.68 CDE Coeur Mining Inc. New 0.65% +0.65 AEC Anfield Energy Inc. Add +88.2% 0.68% +0.42 LZM Lifezone Metals Ltd. New 0.32% +0.32 NEXM Nexmetals Mining Corp. Add +9.1% 1.38% −0.21
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ CDE Coeur Mining Inc. call New 1,420,000 $26.7M SPY SS SPDR S&P 500 ETF Trust-US put New 40,000 $26.0M BTG B2GOLD Corp. call New 4,700,000 $21.3M USAR USA Rare Earth Inc. put New 1,100,000 $16.6M UEC Uranium Energy Corp. call Sold out 1,390,000 $16.2Mbefore exit EU Encore Energy Corp. call Sold out 5,950,100 $14.8Mbefore exit SLV iShares Silver Trust put Reduce -91.3% 200,000 $13.6M HL Hecla Mining Co. call New 500,000 $9.3M SSRM SSR Mining Inc. call New 250,000 $7.3M HYMC Hycroft Mining Holding Co. Class A put Reduce -77.0% 200,100 $7.0M VZLA Vizsla Silver Corp. call New 1,875,000 $6.2M IAG Iamgold Corp. call New 250,000 $4.7M ALM Almonty Industries Inc. put New 250,000 $3.6M EQX Equinox Gold Corp. call Sold out 240,000 $3.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 New 939,578 $385K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 21 $144.5M RGLD, ELE, IAG, AEM, SSRM Q1 2026 20 $144.3M RGLD, ELE, IAG, SSRM, CGAU Q4 2025 19 $183.1M RGLD, ELE, IAG, EGO, B